The Layer1 project that is currently receiving attention has basically come to an end after Sui goes online.The Ethereum Killer narrative that began in 1617 has come to an end (not that Layer1 projects are cool and will continue to emerge, but rather that Ethereum can no longer be replaced)After the birth of BTC, many so-called BitcoinKillers emerged, including BTC Diamonds, Zcash, ZEC, Monroe, and even Ethereum, all aimed at solving a certain problem with BTC
The Layer1 project that is currently receiving attention has basically come to an end after Sui goes online.
The Ethereum Killer narrative that began in 1617 has come to an end (not that Layer1 projects are cool and will continue to emerge, but rather that Ethereum can no longer be replaced)
After the birth of BTC, many so-called BitcoinKillers emerged, including BTC Diamonds, Zcash, ZEC, Monroe, and even Ethereum, all aimed at solving a certain problem with BTC. Ethereum has taken on the function of sending smart contracts from BTC (DApp+Io+b), which is why many older generation BTC enthusiasts believe that the current BTC should be "pure" enough so that the full node ledger is not too large and is very friendly to small miners.
The establishment of BTC's position is basically two major milestones: the bifurcation of BCH in 2017 and the transition of ETH to PoS (abandoning large blocks and no longer benchmarking BTC). Since then, there have been few projects in the market claiming to replace BTC.
Since the start of the public chain season in 2018, L1 has also ushered in its own spring, but 23 years of pure pancakes can no longer deceive leeks, including but not limited to: ICP, ADA, Near, DOT, and LUNA+SOL, two major crouching dragon chicken chicks. Many projects may seem technically good, but they did not actually solve some of ETH's problems at the time. The Move brothers Aptos and Sui are both half dead and half dead, with a poor start (there is currently no top project on Aptos that can be immediately remembered). And Sui is more like a good student who studies diligently in daily life, but is affected by some external events (FTX runaway), which leads to abnormal performance in the "college entrance examination".
It's not that the 'college entrance examination' must be determined for a lifetime. But now what are the external competitors - Layer2 is eagerly waiting to be launched. Arb/OP has issued coins, and users such as ZKS/OP are rapidly increasing. This is not a bull market, and the macro environment is also very poor (the Federal Reserve has already burned its butt and needs to worry about the SEC and Crypto, it can only be said that the heart is really big). There is only a little money in the market, and the ETH ecosystem is still dominant (Layer0-1-2-3). How much money can flow to the new L1, which is not convenient to deposit? You should know that many people play L1 by first transferring money to CEX and then transferring it to various L1. Projects that cannot completely interact on the chain will be phased out by the times (decentralization is an important narrative in this industry)
Let's talk about the pattern. As is well known, the year 23 was the year of air drop. Why should we use air drop fundraising instead of IEO?
Firstly, the current project team has too much money in their hands compared to before, and there are many cases of excessive fundraising during the financing stage. After 1-2 rounds of integration, there is no longer a need for IEO to make another profit. Moreover, even if there are large-scale air drops, the price of the currency has increased by tens of times compared to the price of the last round of VC (refer to OP/Arb). Dropping not only rewards users for continuous interaction, but also allows them to continue PUA through secondary airdrops. After all, every project on the chain is similar now, and how to spread the chips is crucial. And the addresses that have received foundation airdrops are now all gold shovels, with various airdrops/bulldogs making money.
And Sui: After obtaining one of the highest financing amounts in this industry, we also need to unite with the exchange to make another profit through IEO, and not give early users air drops (not to mention BNLaunchpad, which is BN's profit promotion activity). We sell something three times (Vc is cut once, the first level is cut once, and the second level is cut again), and the leek roots are all cut rotten. The price is entirely due to our own actions.
Crypto is a technology+finance+CX industry, how about your project technology? Don't know how to win people's hearts+the project team doesn't have a pattern. Who still comes to play with you? If no one comes, there will be no money flowing in (low TVL). No matter how large the transaction volume of CEX is, what will happen? Do you think there are still leeks to eat this set of pure pancakes in the 23rd year?
In summary, Sui's initial appearance was created step by step by herself. With the help of Aptos' previous mistakes (such as hasty airdrops and rough token models), she still managed to achieve this, truly becoming a new generation of lying dragon and phoenix chicks. Tomorrow, the Chinese speaking area will be bustling again, and currently, the popularity of watching L2 is still higher than that of L1.
This round of 23-26 should be about ETH or BTC stories, so the so-called Layer1 players should move on a bit later.
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